Lower Manhattan Real Estate Market Overview Q3 2016
The Alliance for Downtown New York is pleased to release the Q3 2016 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Leasing – Current tenants deepened their roots in Lower Manhattan, as more than half of the 20 largest transactions made year to date included those who were expanding or moving within Lower Manhattan.
- Commercial Vacancy – Lower Manhattan was the only Manhattan submarket to post a year-over-year drop, to 9.9%.
- Hotel – Two luxury hotels which also feature residential condos debuted this quarter – The Four Seasons Hotel New York Downtown and The Beekman Hotel opened, pushing Lower Manhattan’s hotel room count over 6,300;
- Retail – More than 100 new stores and restaurants opened largely due to Westfield World Trade Center’s opening in August 2016, reflecting an 8% expansion in the number of retailers and restaurants south of Chambers Street.
- World Trade Center – Designs for the Ronald O. Perelman Center for Performing Arts at the World Trade Center, anticipated to break ground in 2018, were unveiled in September featuring a 90,000-square-foot cube building wrapped in translucent marble.